LPL Financial Holdings Inc. (NASDAQ:LPLA) (together with its subsidiaries, including LPL Capital Partners, Inc. and LPL Financial LLC, "LPL" or "LPL Financial"), today announced that the firm has entered into a definitive purchase agreement to acquire Mariner Advisor Network, a segment of Mariner. In partnership with LPL, Private Advisor Group, LLC will acquire Mariner Advisor Network's hybrid advisors and align those advisors under their hybrid Registered Investment Advisor (RIA).

Affiliated with LPL Financial, Mariner Advisor Network supports 367 financial advisors who collectively manage $31 billion in assets. As part of this transaction, 223 advisors will remain directly affiliated with LPL, continuing to operate on their existing LPL platform with uninterrupted service for their clients and businesses, while gaining access to an expanding suite of wealth management and business-support solutions. In addition, 144 hybrid advisors will transition to Private Advisor Group's hybrid RIA model, where they will maintain their multicustody relationships and continue operating on the same LPL platform.